by Face recognition AI camera uses computer algorithms to identify or verify a person’s identity based on their facial features from a digital image or video frame. Such cameras compare selected facial features from the given input with faces within a database. They are widely used for applications like security, public safety, access control, etc. The rising usage of facial recognition technology for applications like access management, attendance tracking, retail analytics, and security & surveillance is fueling the demand for face recognition AI cameras.
The global face recognition AI camera market is estimated to be valued at US$ 3.08 Bn in 2024 and is expected to exhibit a CAGR of 22% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the face recognition AI camera market are IDEMIA, TECH5 Group, Onfido, Hangzhou Hikvision Digital Technology Co., Ltd., Honeywell International Inc., Panasonic Holdings Corporation, Dahua Technology, Megvii, Ayonix, and NEC Corporation. Key players like IDEMIA, Onfido and TECH5 Group are focusing on developing high-accuracy and low false acceptance rate facial recognition solutions for various applications.
Key opportunities and Face Recognition Ai Camera Demand include increasing adoption of facial recognition technology for access control and attendance tracking applications across various industries like BFSI, healthcare, retail, education, etc. There is also a growing demand for integrated AI cameras with facial recognition capabilities across public places like airports, railway stations, retail stores and commercial buildings for enhanced safety and surveillance.
The global expansion of major camera manufacturers into the facial recognition AI camera market by offering integrated solutions will further drive the market growth. Companies are focusing on emerging markets in Asia Pacific and Middle East & Africa for business expansion opportunities owing to growing surveillance infrastructure development projects.
Market drivers
The rising usage of facial recognition technology for security & surveillance applications across public places like airports, railway stations, retail stores, etc. is a key driver for the facial recognition AI camera market. Facial recognition capabilities help identify suspects, detect anomalies and alert authorities in real-time to ensure public safety. Moreover, the increasing deployment of access control/attendance systems integrated with face recognition AI cameras across corporate offices, Educational institutes and manufacturing facilities is also fueling market growth.
PEST Analysis
Political: Governments are increasingly adopting face recognition camera technology for security purposes like monitoring public places and border control. However, privacy issues are also a concern.
Economic: The rising need for security and surveillance across industries like commercial buildings, transportation hubs, etc is driving greater investment in this technology.
Social: While security concerns are increasing adoption, some groups have voiced objections over unchecked use that could compromise individual privacy and civil liberties. Overall social acceptance will affect growth.
Technological: Recent advances in areas like deep learning and AI have enabled more accurate real-time face matching capabilities. Ongoing R&D is focused on improving identification speeds, database sizes, and matching algorithms.
Geographical Regions for Market Concentration
The market in terms of value is currently concentrated in regions with higher overall security and surveillance spending like North America and Europe. According to industry estimates, over 50% of the global market revenue comes from these developed markets due to widespread installation across government, commercial and public spaces. Major cities like New York, London and Paris account for a sizeable share of regional revenues.
Fastest Growing Region
However, the Asia Pacific region is expected to see the fastest pace of growth over the forecast period driven by the largest populations and urbanization rates globally. Countries like China, Japan and India are aggressively expanding national level surveillance networks for applications spanning law enforcement to retail and transport. With improving economic conditions and regulatory tailwinds, APAC investments are projected to outpace other regions going forward.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
